Business environment has drastically changed over the years.Organisations have to deal with several challenges in their routine operations, from adoption of new technology to meeting the several regulatory and legal obligations, or the volatile markets. Combine that with the interdependent global economies, and you get your fair share of opportunities and risks. Information security breach, disruption in business operations, losses from Fraud or pilferage, logistics challenges, are some of the many business concerns. To address such uncertainties,organisations need to continuously evolve their risk management practices. Recon Business Advisory helps businesses to manage such risks.
Satya Yadav, CEO, Recon says, “Businesses are more vulnerable today then ever before. In 2011, when Japan was hit by multiple crises of Tsunami and Earthquake, it led to GM halting production in some plants. Ford ran out of paint. The electronics industry was under siege with lack of critical components and there were potential risks for many small firms to collapse. Why? The earthquakes in Japan disrupted supply chains that affected businesses across the globe. Since then many companies have shifted their sourcing to China. However, they forget that their Chinese suppliers source upto 19 percent from Japan. This is just one of the many complexities.”
It was after the Japan incident in 2011 that Recon was born with the mission to provide proactive solutions for business risks. Since then Recon has undertaken several consultancy projects in its practice areas of enterprise risk management, business continuity, information security, fraud risk management, etc. for several leading organisations.
Satya, an IIM Lucknow alumnus, attributes the success of Recon to the expertise and experience of his team members. According to him, “More than anything else, what sets aside a young company from everyone else is the energy and enthusiasm that it brings on the table, the hunger to excel and be recognized for great work.”
Confronting Initial Challenges
“In the initial years we had to overcome mindset hurdles within organisations for giving due consideration to identifying and managing risks. The conventional financial risk management was thought to be enough.” Faraaz Shah, Director Sales & IFS at Recon says.It has changed since then and organisations have now opened up to the importance of GRC services. “Even our Inheritance and Fiduciary Service line, which helps individuals to manage their personal risks through succession planning and estate management, has seen tremendous growth”, says Faraaz.
Rendering Diverse Services
Through it’s Health, Safety, & Security advisory, Recon helps clients to mitigate the security, health, and safety risks to its employees and assets.
Recon has been growing at a fervent pace of over 100% YoY with a client retention rate of near 100%. Over the years, Recon has introduced new services to address the changing business needs. “Through it’s Health, Safety, & Security advisory, Recon helps clients to mitigate the security, health, and safety risks to its employees and assets. The risk of downtime from machines is mitigated to some extent through preventive maintenance but what about the risk of unavailability of employees due to illness or work related injury,” says Shantanu Sinha, Director HSS.
Diversification has happened in terms of new geographies as well. After starting its sales office in Bengaluru the company is all set to start operations from Singapore from October this year. As a boutique GRC consulting firm, Recon wants to be the one stop solution for organisations looking to gain competitive edge through effective risk mitigation. As Satya puts it succinctly, “Businesses that are conscious of the evolving risks are best equipped to ride the opportunities that come along.